Perlmutter was considered a top candidate to replace former CEO Paul Otellini, but the position went to another internal candidate, Brian Krzanich, formerly chief operating officer and senior vice president. Renee James, another internal CEO candidate who previously was senior vice president and general manager of software and services, was promoted to president.

But Perlmutter was seen by analysts as an odd man out after some of his duties were distributed in the midst of multiple management shakeups over the last two years. Industry observers said it was only a matter of time until he departed the company.

Perlmutter could have continued with the company and had “some other options to contribute,” Mulloy said, but did not provide details.

Perlmutter has been with Intel for 34 years. He was credited by Mulloy for the company’s success in the PC and server processor markets.

“Intel’s success in those markets was because of the work that Dadi did as a manager of those groups,” Mulloy said.